Chris Larsen’s Political Gamble in California’s Gubernatorial Race

In the midst of California’s pivotal gubernatorial race, renowned crypto billionaire Chris Larsen finds himself at a political crossroads. The co-founder of Ripple, valued at approximately $10 billion, is publicly backing progressive ex-Rep. Katie Porter while also making substantial contributions to her conservative rival, Steve Hilton. This dual support raises eyebrows and questions about political allegiance and strategy.

Financial Support Split

Larsen has already committed $39,200 to Porter’s campaign in June, underlining his initial support for her candidacy. However, in a surprising twist, he revealed his intention to donate an equal amount to Hilton’s campaign. This move has sparked discussions among political analysts and supporters about the true nature of his political affiliations.

In an interview with Politico, Larsen dismissed doubts about his intentions. “The viral video thing, the fact that that’s an issue is the stupidest thing I’ve ever heard,” he stated, indicating that recent controversies surrounding Porter—particularly videos showcasing her heated exchanges—were not influencing his endorsement decisions.

Porter: Strength or Controversy?

Katie Porter has become a prominent figure in California politics, known for her assertive questioning style and progressive policies. Yet, her rising profile has not come without challenges. Since the release of the controversial videos, her polling numbers have taken a hit, leading some donors to reconsider their support. Despite this, Larsen stands firm in his belief that Porter’s toughness is an asset: “We need somebody who’s tough to take on the folks that are driving Sacramento,” he remarked.

For many, this raises an interesting question about the balance between personal demeanor and political effectiveness in a highly competitive race.

Bridging the Divide

Interestingly, Larsen’s support for both candidates reflects a broader desire for fundamental change in California. He believes both Porter and Hilton can address “basic things around costs” and “overburdensome regulations.” This seemingly agnostic approach to party affiliation suggests that Larsen is more interested in pragmatism than ideology.

He has articulated his vision for a healthier political landscape, remarking that the current environment is “way too vilified and divided.” By backing candidates from opposing sides of the political spectrum, Larsen aims to facilitate a race that pits their differing perspectives against one another, rather than allowing the top contenders to be merely two Democrats or two Republicans.

Hilton: An Unexpected Ally

Steve Hilton, once a familiar face on Fox News, has entered the gubernatorial race with a platform focusing on reforming California’s business climate. He and Larsen appear to share common ground on crucial issues, despite their political differences. Hilton noted, “I think Chris and I had a very good meeting of minds on the need for change,” especially when it comes to improving California’s business environment, which he describes as a “complete nightmare.”

Hilton’s political strategy includes leveraging his experience in both business and government. He believes that this combination equips him to effect meaningful changes that residents of California are calling for.

Larsen’s Political History

Chris Larsen’s political history is a tapestry of unexpected alliances and decisions. His contributions in San Francisco have ranged from supporting moderate figures like Mayor London Breed to backing progressive leaders such as District Attorney Chesa Boudin. These varied endorsements have often puzzled his peers, yet they fit a broader pattern of prioritizing outcomes over party loyalty.

Larsen’s political activism ramped up following a string of personal security concerns initiated by property crimes in his neighborhood in 2016. Since then, he has remarkably transformed into one of San Francisco’s most prominent political donors, notably funding initiatives aimed at enhancing public safety and countering negative perceptions about the city.

A Vision for Change

Beyond his dual endorsement, Larsen has also invested in initiatives like surveillance camera networks and public awareness campaigns, aiming to reshape narratives around crime and safety in San Francisco. His efforts demonstrate a commitment not just to political contributions, but to crafting solutions for systemic issues.

As the California gubernatorial race unfolds, Larsen’s unique position—backing both a progressive and a conservative candidate—raises the stakes for what could be one of the state’s most contentious elections in recent memory. With voters and stakeholders watching closely, the political landscape is bound to shift as the campaign progresses.